Landmark, Inc. hired you as a consultant to help them estimate its cost of capital.You have been provided with the following data:its most recently paid dividend is $1.50; its current market price is $31.50; its ROE = 15% and its dividend payout ratio is 40%. New common stock will have an 8% flotation cost.Based on the DCF approach and the Retention Growth Model, what is the cost of equity from new common stock?Enter your answer rounded to two decimal places.Do not enter % in the answer box.For example, if your answer is 0.12345 or 12.345% then enter as 12.35 in the answer box.